The price of Premium Motor Spirit (PMS), popularly known as petrol, has climbed to as high as N1,430 per litre in parts of Abuja, following a fresh increase in the wholesale price of the product by the Dangote Petroleum Refinery.
The latest development is coming amid rising global crude oil prices and growing concerns over the impact of geopolitical tensions in the Middle East, particularly the crisis around the Strait of Hormuz.
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Dangote Refinery reportedly increased its gantry price of petrol by N85, from N1,265 to N1,350 per litre, representing a 6.7 per cent increase.
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